According to CryptoPotato, Shiba Inu, the popular meme coin, experienced a nearly 3,000% increase in its token burn rate in the past 24 hours, resulting in over 30 million tokens being removed from circulation. The program aims to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable. Since the beginning of 2024, the meme coin has seen more than 9 billion assets destroyed, approximately 10% of the amount burned throughout the entire 2023. However, SHIB's price has been declining lately, resonating with the broader market correction. According to CoinGecko's data, it has dropped by 1% in the past 24 hours and 7% on a weekly basis.
Shibarium, the layer-2 blockchain solution, has also experienced an uptick, with daily transactions for January 17 surpassing 2.5 million, a 33% increase from the day before. The network, which officially went live in August 2023, is designed to foster the growth of the Shiba Inu ecosystem by reducing transaction fees and improving speed. Shibarium has blasted through countless milestones since its launch, such as exceeding 250 million in terms of total transactions.
